Update to our story walking in California

[dedwards]

Well I have have not paid my payment since 7/1/2008 I had planned to walk away and forget about it. Then I found this forum and after reading and getting advice from everyone (thanks prof) I decided to stay in my house as long as I can rent free. I heard nothing not a single letter or call for 7 months then I finally got some calls. Then without any request from me a loan mod agreement was fed ex to me. The deal was laughable but I signed it and returned it anyway figuring this would bring me current and restart the clock. Well I guess I sent the package in too late they canceled me. When I called to ask about this they decided to re submit me again for another loan-mod I should get the docs on this one within 10 days with a first payment 7/1/2009. I know this is rambling but so far it looks like I am for sure been rent free for a year with at least 3 months after that since I am in California and that is required from filling of NOD. I actually fill that if the loan mod goes thru it will be another 3 months beofere I go back into defualt but even if not I have put away enough money to easily rent a place and to recoup some not all of the savings I lost trying to chase this bad loan.

So far the only real negitive is the big hit on my credit score. this is not very bad as I own both my cars outright and have no credit cards. This decision was not made easy but once we made it a huge burden has been lifted and without the stress life is so much easier.

[cdmosaic]

Wow, that is amazing that CW hasn't sent an NOD before this. They are my lender also and I last paid in Aug 2008, got a loan mod in January, made one payment and nothing since then. CW calls occasionally, but so far nothing else. I guess it could take a while still or perhaps next week. Who knows?

Thanks for the update and keep us posted. What part of Cal do you live in?

[dedwards]

I live in Bakersfield. Yes i was expecting this to be done and over by now but so far they are dragging thier feet

[sqa4life]

I am underwater and made many calls, but they refused my request for loan modification. They will loose at least 100k if I walk away. I am one month late so far. i wish my situation will be like dedwards so i can save enough for rent later. CW sucks!